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《大行報告》瑞銀料內地電訊商明年流動及寬頻ARPU續改善 首選中電信及中興H股 全線降目標價
瑞銀髮表研究報告,更新中國電訊及設備行業前景展望,認爲目前估值低迷反映出投資者擔心5G發展會重複4G的痛苦經歷。但該行表示,調查及行業數據都反映出,由於數據使用量增加及消費者對網絡質量需求提升,ARPU出現良性競爭及有進一步增長的潛力。 流動數據方面,內地政府自去年起未再訂立提速降費的目標,未有運營商表明打算積極爭奪市場份額;而寬頻業務上運營商現時專注於發展增值服務,而非打價格戰,因此預期明年移動及寬頻業務的ARPU水平可持續改善,將對總服務收入貢獻3%增長。 瑞銀指,在運營商中首選中國電信(00728.HK),目標價降至4元;中興通訊(00763.HK)則爲首選設備股,目標價降至30元,同予「買入」評級。
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